A method and a device for the precision machining of crankshafts or camshafts to final dimensions are disclosed in DE 10 2009 030 856 A1, in which a milling tool is used which comprises cutting inserts which are provided with CBN or PCD cutting disks. Using these cutting disks, it is possible to mill hardened crankshafts or camshafts with a high degree of precision to the desired dimensions, wherein a final dimensional tolerance Rz<10 μm and a concentricity tolerance of <30 μm and preferably <6 μm are able to be maintained. In this case, it is possible to perform the machining by a dry cutting operation which is advantageous in that cooling lubricant contaminated with chips and grinding sludge does not have to be reprocessed or disposed of.